The document discusses a proposed merger between Vedanta Limited and Cairn India Limited to create shareholder value. Key points include:
- Cairn India shareholders will receive one equity share and one preference share in Vedanta Limited for each of their shares in Cairn India.
- The merger is expected to provide benefits like a more diversified portfolio, greater financial flexibility, cost savings, and a stronger balance sheet.
- The combined company will have a balanced portfolio of metals and oil & gas assets that provides stable earnings and cash flows through commodity price cycles.
Vedanta Limited and Cairn India Limited announced a merger between the two companies. Key points:
- Cairn India shareholders will receive 1 equity share and 1 redeemable preference share in Vedanta Limited for each Cairn India share held.
- The merger will diversify Vedanta's portfolio and improve its ability to allocate capital across projects. It is expected to deliver cost savings and support strong dividend distribution.
- Independent advisors and boards of both companies have unanimously approved the merger as in shareholders' best interests. The transaction is subject to various regulatory approvals and expected to close in the first quarter of 2016.
Vedanta Resources is in talks to acquire between 40-51% stake in Cairn India from Cairn Energy for $8.5 billion. Cairn India is India's fourth largest oil and gas company valued at $13.6 billion. Vedanta wants to diversify into oil and gas and believes it can utilize its project management skills. However, funding the large acquisition and getting regulatory approvals from the Indian government and joint venture partner ONGC pose significant challenges. The deal would make Vedanta a major player in India's natural resources sector with expanded operations in oil, gas, zinc, aluminum and other metals and minerals.
Vedanta PLC acquired Cairn India Ltd in 2011. The acquisition faced several regulatory hurdles due to Cairn India being in the oil and gas sector while Vedanta's core business was in base metals. Extensive financial, legal, and environmental due diligence was conducted. Regulatory clearances were required from DIPP, SEBI, the Oil Ministry, and others. Pre-conditions for the deal included Cairn India withdrawing arbitration cases regarding royalty payments and accepting revised royalty terms. Potential deal breakers centered around cess and royalty issues identified during diligence that could financially impact the valuation. After adjustments to address regulatory concerns, the acquisition was approved.
Vedanta Resources is acquiring a majority stake in Cairn India from Cairn Energy for $8.68 billion. This deal allows Vedanta to diversify into the oil and gas sector from its core metals and mining business. Some key issues pertaining to the deal include integrating Cairn India's operations, managing different stakeholder interests, and addressing financial and regulatory concerns regarding the large acquisition. The deal is expected to benefit both companies by providing growth opportunities while maintaining stability for Cairn India's business and management.
Strategic management cairn india by dheerajDheeraj Mehta
Cairn Energy plc is a Scottish oil and gas exploration company headquartered in Edinburgh. It has operations in multiple countries and produces around 33,000 barrels per day. It previously had major operations in India but sold its Indian subsidiary, Cairn India, to Vedanta Resources in 2010. Cairn India focuses on oil production in western and eastern India and has significant reserves in Rajasthan. Cairn's strategy focuses on building relationships with stakeholders and seeks win-win partnerships to maintain its social license to operate.
The document provides summaries of several business news stories:
1) Lightspeed is raising a $675M global fund and appointing an India principal. Morgan Stanley will trim fees and size for its $4.7B property fund. Canaan Partners raises $600M for tech and healthcare investments.
2) Kedaara Capital plans to invest in corporate spin-offs and pursue $75-100M deals. IL&FS invests $38.5M for a 9.4% stake in an IndiaBulls real estate project. PE-backed Dalmia Bharat will acquire up to 50% of Calcom Cement for $46M.
3) IEP is raising
This document analyzes and provides information on three mid-cap Indian stocks: Punjab National Bank (PNB), Vedanta Limited, and GAIL (India) Limited. For each stock, it outlines the company's business operations and key financial details like market capitalization, price-to-earnings ratio, share price history, dividends, and major shareholders.
The document discusses how Y.S. Rajashekar Reddy and his family allegedly used their political power and influence as Chief Minister of Andhra Pradesh to amass wealth through corruption and money laundering. It describes how they set up various shell companies between 2004-2007, invested small amounts initially, and then received huge investments from private companies that were awarded government contracts. This allowed them to launder over Rs. 78,000 crores which was then channeled into media companies through real estate firms. It provides details on how Sandur Power Company Ltd was used to route funds overseas and bring them back through hawala transactions.
Vedanta Limited and Cairn India Limited announced a merger between the two companies. Key points:
- Cairn India shareholders will receive 1 equity share and 1 redeemable preference share in Vedanta Limited for each Cairn India share held.
- The merger will diversify Vedanta's portfolio and improve its ability to allocate capital across projects. It is expected to deliver cost savings and support strong dividend distribution.
- Independent advisors and boards of both companies have unanimously approved the merger as in shareholders' best interests. The transaction is subject to various regulatory approvals and expected to close in the first quarter of 2016.
Vedanta Resources is in talks to acquire between 40-51% stake in Cairn India from Cairn Energy for $8.5 billion. Cairn India is India's fourth largest oil and gas company valued at $13.6 billion. Vedanta wants to diversify into oil and gas and believes it can utilize its project management skills. However, funding the large acquisition and getting regulatory approvals from the Indian government and joint venture partner ONGC pose significant challenges. The deal would make Vedanta a major player in India's natural resources sector with expanded operations in oil, gas, zinc, aluminum and other metals and minerals.
Vedanta PLC acquired Cairn India Ltd in 2011. The acquisition faced several regulatory hurdles due to Cairn India being in the oil and gas sector while Vedanta's core business was in base metals. Extensive financial, legal, and environmental due diligence was conducted. Regulatory clearances were required from DIPP, SEBI, the Oil Ministry, and others. Pre-conditions for the deal included Cairn India withdrawing arbitration cases regarding royalty payments and accepting revised royalty terms. Potential deal breakers centered around cess and royalty issues identified during diligence that could financially impact the valuation. After adjustments to address regulatory concerns, the acquisition was approved.
Vedanta Resources is acquiring a majority stake in Cairn India from Cairn Energy for $8.68 billion. This deal allows Vedanta to diversify into the oil and gas sector from its core metals and mining business. Some key issues pertaining to the deal include integrating Cairn India's operations, managing different stakeholder interests, and addressing financial and regulatory concerns regarding the large acquisition. The deal is expected to benefit both companies by providing growth opportunities while maintaining stability for Cairn India's business and management.
Strategic management cairn india by dheerajDheeraj Mehta
Cairn Energy plc is a Scottish oil and gas exploration company headquartered in Edinburgh. It has operations in multiple countries and produces around 33,000 barrels per day. It previously had major operations in India but sold its Indian subsidiary, Cairn India, to Vedanta Resources in 2010. Cairn India focuses on oil production in western and eastern India and has significant reserves in Rajasthan. Cairn's strategy focuses on building relationships with stakeholders and seeks win-win partnerships to maintain its social license to operate.
The document provides summaries of several business news stories:
1) Lightspeed is raising a $675M global fund and appointing an India principal. Morgan Stanley will trim fees and size for its $4.7B property fund. Canaan Partners raises $600M for tech and healthcare investments.
2) Kedaara Capital plans to invest in corporate spin-offs and pursue $75-100M deals. IL&FS invests $38.5M for a 9.4% stake in an IndiaBulls real estate project. PE-backed Dalmia Bharat will acquire up to 50% of Calcom Cement for $46M.
3) IEP is raising
This document analyzes and provides information on three mid-cap Indian stocks: Punjab National Bank (PNB), Vedanta Limited, and GAIL (India) Limited. For each stock, it outlines the company's business operations and key financial details like market capitalization, price-to-earnings ratio, share price history, dividends, and major shareholders.
The document discusses how Y.S. Rajashekar Reddy and his family allegedly used their political power and influence as Chief Minister of Andhra Pradesh to amass wealth through corruption and money laundering. It describes how they set up various shell companies between 2004-2007, invested small amounts initially, and then received huge investments from private companies that were awarded government contracts. This allowed them to launder over Rs. 78,000 crores which was then channeled into media companies through real estate firms. It provides details on how Sandur Power Company Ltd was used to route funds overseas and bring them back through hawala transactions.
The document details alleged corruption by Y.S. Rajasekhara Reddy, former Chief Minister of Andhra Pradesh, and his son Jagan Mohan Reddy. It describes how they set up various shell companies between 2004-2007 and siphoned off public funds worth Rs. 78,000 crores through these companies by misusing power and giving out government contracts. A key company used for money laundering was Sandur Power Company Ltd, which received Rs. 125 crores from foreign investors which was then diverted to other companies controlled by the Reddy family.
The QE Index declined 0.6% to close at 10,679.1. Losses were led by the Consumer Goods & Services and Real Estate indices, falling 1.3% and 1.0%, respectively.
The Qatar Exchange Index gained 3.11% over the trading week to close at 10,873.08 points. Trading value increased 151.77% to QR2.9 billion due to a shortened trading week previously. Most Gulf markets also gained except for Saudi Arabia which was up 0.7%. Foreign institutions remained net buyers while Qatari investors were net sellers. In corporate news, DOHI received approval to increase its capital and MPHC clarified shares under an Emiri grant. Qatar's GDP growth is forecast to accelerate to 6.8% this year driven by infrastructure projects.
The report analyzes investment patterns and trends in the Amman Stock Exchange (ASE) for July 2020. It finds that Jordanian investors were the most active and had a net positive investment of JD 6.824 million, while regional investors had a net negative investment of JD 1.652 million and international investors had a net negative investment of JD 5.171 million. Jordanians make up the largest ownership in the ASE at 52.85% of total market capitalization. The banking and services sectors had the largest trading activity and values.
Functionality of Legal Litigation Team of Religare Finvest Ltd (NBFC) vis-a-v...Sahil Sharma
Religare Finvest Ltd is a non-banking financial company and subsidiary of Religare Enterprises Ltd. It provides loans to small and medium enterprises. The internship report discusses Religare Finvest's history and operations. It was originally incorporated in 1995 and provides loans for property, securities, corporate needs, commercial assets and SMEs. The report also summarizes information on Religare Enterprises Ltd, Religare Housing Development Finance Corporation Ltd and arbitration law in India.
This document provides a recommendation to buy shares of Filatex India Limited. It summarizes the company's key financial details, stock price information, and rationale for the recommendation. The company reported excellent Q4 2016 results and has expansion plans that are expected to boost revenues and margins going forward. Its newly commissioned fully drawn yarn plant boosted recent performance and additional texturizing machines will further increase revenues. The stock is currently trading above its 50-day and 200-day moving averages and provides upside potential to the target price of Rs. 82 per share.
The report analyzes investment patterns in the Amman Stock Exchange (ASE) in August 2020. Local Jordanian investors were the most active and had a net positive investment of JD 2.941 million, while regional investors had a net positive of JD 961 thousand. International investors had a net negative investment of JD 3.903 million. Overall, local investors make up 52.95% of ASE ownership and were net buyers, while regional and international investors hold 32.44% and 14.61% respectively. The banking, services, and industry sectors saw net buying from local investors. [END SUMMARY]
This document summarizes various life insurance products offered by Bajaj Allianz Life Insurance Company. It provides details about the company's growth, partnerships with Bajaj Group and Allianz SE, and describes several popular insurance plans like Capital Shield, Fortune Plus, Century Plus, Unit Gain Plus Gold and New Unit Gain, highlighting their key features such as premium amounts, allocation percentages, expected annual returns, and tax benefits. Projected fund growth charts with annual allocation and returns are also presented for some of the plans.
The document summarizes a business presentation about life insurance provided by Bajaj Allianz Life Insurance. Some key points:
- Bajaj Allianz Life Insurance is a partnership between Bajaj, an Indian conglomerate, and Allianz, a large German insurance company, bringing together local and global expertise.
- A new life insurance product called "New Family Gain" is presented, which provides a sum assured for critical illness and death, as well as a savings component with potential returns of 15-25% annually over a premium period of 3-70 years.
- The presentation outlines customer benefits of Bajaj Allianz policies and a referral-based business plan to incent
Cairn has been exploring for hydrocarbons in India for more than 15 years. Today, it has a proven track record of making exploration discoveries and fast tracking them to production. Three out of the seven landmark oil discoveries made in India between 2000 and 2005 were by Cairn and its Joint Venture (JV) partners. The Mangala discovery in Rajasthan in 2004 was the largest onshore discovery in the country in the past two decades.
The Mangala Field commenced production on 29 August 2009 after it was dedicated to the nation by the Honourable Prime Minister of India, Dr. Manmohan Singh at the Mangala Processing Terminal in Barmer, Rajasthan.
For more info log onto www.cairnindia.com
Orient Paper & Industries Ltd (OPIL) is proposing a 1:1 demerger of its cement business unit into a new entity called Orient Cement Ltd. This presents an arbitrage opportunity as the current market cap of OPIL does not reflect the sum of its business units' valuations. A demerger could unlock shareholder value by allowing the separate entities to be appropriately valued. Katalyst Wealth recommends accumulating OPIL shares before the expected High Court approval of the demerger in January-February 2012. Profits could be booked if the share price rises 20-30% or shares could be sold upon demerger and the entitlement to Orient Cement shares retained.
Mayfield Fund has raised $86 million for its second India-focused fund, targeting $100 million total. Blume Ventures plans to launch a $50 million second fund in the second half of 2014. Nalanda Capital acquired an additional 3.73% stake in Lovable Lingerie for around $3.25 million. Explara.com is in talks to raise $2-3 million in its Series A round. Creador expects to commit 15% of its $250 million second PE fund in India, equivalent to around $37 million.
The document provides an outline of a presentation on Islamic banking and agricultural finance. It discusses various Islamic financing modes like Musharakah, Mudarabah, and Bai. It also discusses Takaful (Islamic insurance) and provides an overview of the takaful industry and products in Pakistan. It summarizes the progress of the Islamic banking industry in Pakistan and internationally.
This document provides portfolio information for the Fidelity Equity Fund as of June 30, 2011. Some of the top holdings include Reliance Industries, ICICI Bank, ITC, and HDFC Bank. The document also includes performance metrics such as returns over various periods compared to the BSE 200 index, as well as risk-adjusted measures. Charts show the growth of investments in the fund over time through SIP compared to the index.
The QE Index gained 0.90% over the week to close at 10,375.06 points. Trading value decreased 11.79% to QR2.3 billion, while volume declined 1.94% to 80.4 million shares. Regional indices were mixed, with Dubai up 1.9% and Kuwait down 0.7%. Doha Bank plans to raise QR2 billion in Tier 1 capital, while Commercial Bank of Qatar received approval to raise QR2 billion in additional Tier 1 capital. Ooredoo priced a $1.25 billion sukuk issue.
Indian Depository Receipts (IDRs) allow foreign companies to raise capital from Indian investors in their home market. IDRs are issued by a domestic depository and represent underlying shares of the foreign company held in custody by an overseas custodian. Key features include being listed and traded on Indian stock exchanges, providing exposure to foreign stocks for Indian investors within the Indian regulatory framework, and allowing investors rights equivalent to shareholders such as voting and dividends. However, currency risk and lack of attendance at shareholder meetings are limitations of IDRs. Strict eligibility criteria, approvals, and disclosure guidelines regulate the issuance of IDRs in India.
The document analyzes investment patterns and trends in the Amman Stock Exchange (ASE) for October 2020. It finds that local Jordanian investors were net sellers of ASE shares, while regional investors from surrounding countries were net buyers. International Western investors were also net sellers. Overall, Jordanian investors make up over half of ASE ownership and trading activity. The top sectors by nationality are banking, services and industry. [END SUMMARY]
Bajaj Allianz Life Insurance is a joint venture between Bajaj Auto and Allianz AG. It has over 74 lakh customers served through 1164 customer care centers. The presentation discusses the establishment and growth of the company, profiles of its parent companies (Bajaj Group and Allianz Group), its products, policies, organizational structure, SWOT analysis and strategies for recruitment. It aims to be the preferred insurer and employer in India.
Foreign Investment Promotion Board approves 12 Proposals of Foreign Direct In...Jhunjhunwalas
The Foreign Investment Promotion Board approved 12 proposals of foreign direct investment totaling Rs. 1827.24 crore or US$ 292.87 million at its meeting on December 19th, 2014. The proposals were across several sectors including pharmaceuticals, banking, and logistics. One proposal from HDFC Bank was recommended to the Cabinet Committee on Economic Affairs for consideration as it involved investment over Rs. 1200 crore. The details of the approved proposals were provided.
Baroda pioneer mutual fund common application form equity fund with kimPrajna Capital
This document provides key information on five mutual fund schemes offered by Baroda Pioneer Mutual Fund. It summarizes the investment objectives, asset allocation patterns, and risk profiles of the Baroda Pioneer PSU Equity Fund, Baroda Pioneer Infrastructure Fund, Baroda Pioneer ELSS'96, Baroda Pioneer Growth Fund, and Baroda Pioneer Balance Fund. The PSU Equity and Infrastructure Funds primarily invest in equities of public sector undertakings and infrastructure companies respectively. The ELSS'96, Growth Fund, and Balance Fund have different asset allocation ranges with a focus on equities, while also allowing some debt exposure. All schemes carry investment risks and investors should review the full scheme documents
Vedanta acquired a controlling stake in Cairn India Ltd. Specifically:
- Vedanta bought an 11% stake in Cairn India from Petronas for $1.5 billion in 2011.
- In December 2011, Vedanta acquired 30% of Cairn India from Cairn Energy for a total of $8.67 billion, giving it a 58.5% controlling stake.
- The acquisition provided Vedanta access to Cairn India's significant oil reserves in India and was expected to be immediately earnings accretive for Vedanta.
Vedanta Carin Deal - Acquisition of a Controlling stake in Cairn India Ltdramanandiyer
Vedanta Resources has acquired 58.5% stakes of Cairn India Ltd. for a total consideration of $8.67bn. The Acquisition completed on 8 December 2011. 38.5% held by Vedanta & 20% held by Sesa Goa.
The document details alleged corruption by Y.S. Rajasekhara Reddy, former Chief Minister of Andhra Pradesh, and his son Jagan Mohan Reddy. It describes how they set up various shell companies between 2004-2007 and siphoned off public funds worth Rs. 78,000 crores through these companies by misusing power and giving out government contracts. A key company used for money laundering was Sandur Power Company Ltd, which received Rs. 125 crores from foreign investors which was then diverted to other companies controlled by the Reddy family.
The QE Index declined 0.6% to close at 10,679.1. Losses were led by the Consumer Goods & Services and Real Estate indices, falling 1.3% and 1.0%, respectively.
The Qatar Exchange Index gained 3.11% over the trading week to close at 10,873.08 points. Trading value increased 151.77% to QR2.9 billion due to a shortened trading week previously. Most Gulf markets also gained except for Saudi Arabia which was up 0.7%. Foreign institutions remained net buyers while Qatari investors were net sellers. In corporate news, DOHI received approval to increase its capital and MPHC clarified shares under an Emiri grant. Qatar's GDP growth is forecast to accelerate to 6.8% this year driven by infrastructure projects.
The report analyzes investment patterns and trends in the Amman Stock Exchange (ASE) for July 2020. It finds that Jordanian investors were the most active and had a net positive investment of JD 6.824 million, while regional investors had a net negative investment of JD 1.652 million and international investors had a net negative investment of JD 5.171 million. Jordanians make up the largest ownership in the ASE at 52.85% of total market capitalization. The banking and services sectors had the largest trading activity and values.
Functionality of Legal Litigation Team of Religare Finvest Ltd (NBFC) vis-a-v...Sahil Sharma
Religare Finvest Ltd is a non-banking financial company and subsidiary of Religare Enterprises Ltd. It provides loans to small and medium enterprises. The internship report discusses Religare Finvest's history and operations. It was originally incorporated in 1995 and provides loans for property, securities, corporate needs, commercial assets and SMEs. The report also summarizes information on Religare Enterprises Ltd, Religare Housing Development Finance Corporation Ltd and arbitration law in India.
This document provides a recommendation to buy shares of Filatex India Limited. It summarizes the company's key financial details, stock price information, and rationale for the recommendation. The company reported excellent Q4 2016 results and has expansion plans that are expected to boost revenues and margins going forward. Its newly commissioned fully drawn yarn plant boosted recent performance and additional texturizing machines will further increase revenues. The stock is currently trading above its 50-day and 200-day moving averages and provides upside potential to the target price of Rs. 82 per share.
The report analyzes investment patterns in the Amman Stock Exchange (ASE) in August 2020. Local Jordanian investors were the most active and had a net positive investment of JD 2.941 million, while regional investors had a net positive of JD 961 thousand. International investors had a net negative investment of JD 3.903 million. Overall, local investors make up 52.95% of ASE ownership and were net buyers, while regional and international investors hold 32.44% and 14.61% respectively. The banking, services, and industry sectors saw net buying from local investors. [END SUMMARY]
This document summarizes various life insurance products offered by Bajaj Allianz Life Insurance Company. It provides details about the company's growth, partnerships with Bajaj Group and Allianz SE, and describes several popular insurance plans like Capital Shield, Fortune Plus, Century Plus, Unit Gain Plus Gold and New Unit Gain, highlighting their key features such as premium amounts, allocation percentages, expected annual returns, and tax benefits. Projected fund growth charts with annual allocation and returns are also presented for some of the plans.
The document summarizes a business presentation about life insurance provided by Bajaj Allianz Life Insurance. Some key points:
- Bajaj Allianz Life Insurance is a partnership between Bajaj, an Indian conglomerate, and Allianz, a large German insurance company, bringing together local and global expertise.
- A new life insurance product called "New Family Gain" is presented, which provides a sum assured for critical illness and death, as well as a savings component with potential returns of 15-25% annually over a premium period of 3-70 years.
- The presentation outlines customer benefits of Bajaj Allianz policies and a referral-based business plan to incent
Cairn has been exploring for hydrocarbons in India for more than 15 years. Today, it has a proven track record of making exploration discoveries and fast tracking them to production. Three out of the seven landmark oil discoveries made in India between 2000 and 2005 were by Cairn and its Joint Venture (JV) partners. The Mangala discovery in Rajasthan in 2004 was the largest onshore discovery in the country in the past two decades.
The Mangala Field commenced production on 29 August 2009 after it was dedicated to the nation by the Honourable Prime Minister of India, Dr. Manmohan Singh at the Mangala Processing Terminal in Barmer, Rajasthan.
For more info log onto www.cairnindia.com
Orient Paper & Industries Ltd (OPIL) is proposing a 1:1 demerger of its cement business unit into a new entity called Orient Cement Ltd. This presents an arbitrage opportunity as the current market cap of OPIL does not reflect the sum of its business units' valuations. A demerger could unlock shareholder value by allowing the separate entities to be appropriately valued. Katalyst Wealth recommends accumulating OPIL shares before the expected High Court approval of the demerger in January-February 2012. Profits could be booked if the share price rises 20-30% or shares could be sold upon demerger and the entitlement to Orient Cement shares retained.
Mayfield Fund has raised $86 million for its second India-focused fund, targeting $100 million total. Blume Ventures plans to launch a $50 million second fund in the second half of 2014. Nalanda Capital acquired an additional 3.73% stake in Lovable Lingerie for around $3.25 million. Explara.com is in talks to raise $2-3 million in its Series A round. Creador expects to commit 15% of its $250 million second PE fund in India, equivalent to around $37 million.
The document provides an outline of a presentation on Islamic banking and agricultural finance. It discusses various Islamic financing modes like Musharakah, Mudarabah, and Bai. It also discusses Takaful (Islamic insurance) and provides an overview of the takaful industry and products in Pakistan. It summarizes the progress of the Islamic banking industry in Pakistan and internationally.
This document provides portfolio information for the Fidelity Equity Fund as of June 30, 2011. Some of the top holdings include Reliance Industries, ICICI Bank, ITC, and HDFC Bank. The document also includes performance metrics such as returns over various periods compared to the BSE 200 index, as well as risk-adjusted measures. Charts show the growth of investments in the fund over time through SIP compared to the index.
The QE Index gained 0.90% over the week to close at 10,375.06 points. Trading value decreased 11.79% to QR2.3 billion, while volume declined 1.94% to 80.4 million shares. Regional indices were mixed, with Dubai up 1.9% and Kuwait down 0.7%. Doha Bank plans to raise QR2 billion in Tier 1 capital, while Commercial Bank of Qatar received approval to raise QR2 billion in additional Tier 1 capital. Ooredoo priced a $1.25 billion sukuk issue.
Indian Depository Receipts (IDRs) allow foreign companies to raise capital from Indian investors in their home market. IDRs are issued by a domestic depository and represent underlying shares of the foreign company held in custody by an overseas custodian. Key features include being listed and traded on Indian stock exchanges, providing exposure to foreign stocks for Indian investors within the Indian regulatory framework, and allowing investors rights equivalent to shareholders such as voting and dividends. However, currency risk and lack of attendance at shareholder meetings are limitations of IDRs. Strict eligibility criteria, approvals, and disclosure guidelines regulate the issuance of IDRs in India.
The document analyzes investment patterns and trends in the Amman Stock Exchange (ASE) for October 2020. It finds that local Jordanian investors were net sellers of ASE shares, while regional investors from surrounding countries were net buyers. International Western investors were also net sellers. Overall, Jordanian investors make up over half of ASE ownership and trading activity. The top sectors by nationality are banking, services and industry. [END SUMMARY]
Bajaj Allianz Life Insurance is a joint venture between Bajaj Auto and Allianz AG. It has over 74 lakh customers served through 1164 customer care centers. The presentation discusses the establishment and growth of the company, profiles of its parent companies (Bajaj Group and Allianz Group), its products, policies, organizational structure, SWOT analysis and strategies for recruitment. It aims to be the preferred insurer and employer in India.
Foreign Investment Promotion Board approves 12 Proposals of Foreign Direct In...Jhunjhunwalas
The Foreign Investment Promotion Board approved 12 proposals of foreign direct investment totaling Rs. 1827.24 crore or US$ 292.87 million at its meeting on December 19th, 2014. The proposals were across several sectors including pharmaceuticals, banking, and logistics. One proposal from HDFC Bank was recommended to the Cabinet Committee on Economic Affairs for consideration as it involved investment over Rs. 1200 crore. The details of the approved proposals were provided.
Baroda pioneer mutual fund common application form equity fund with kimPrajna Capital
This document provides key information on five mutual fund schemes offered by Baroda Pioneer Mutual Fund. It summarizes the investment objectives, asset allocation patterns, and risk profiles of the Baroda Pioneer PSU Equity Fund, Baroda Pioneer Infrastructure Fund, Baroda Pioneer ELSS'96, Baroda Pioneer Growth Fund, and Baroda Pioneer Balance Fund. The PSU Equity and Infrastructure Funds primarily invest in equities of public sector undertakings and infrastructure companies respectively. The ELSS'96, Growth Fund, and Balance Fund have different asset allocation ranges with a focus on equities, while also allowing some debt exposure. All schemes carry investment risks and investors should review the full scheme documents
Vedanta acquired a controlling stake in Cairn India Ltd. Specifically:
- Vedanta bought an 11% stake in Cairn India from Petronas for $1.5 billion in 2011.
- In December 2011, Vedanta acquired 30% of Cairn India from Cairn Energy for a total of $8.67 billion, giving it a 58.5% controlling stake.
- The acquisition provided Vedanta access to Cairn India's significant oil reserves in India and was expected to be immediately earnings accretive for Vedanta.
Vedanta Carin Deal - Acquisition of a Controlling stake in Cairn India Ltdramanandiyer
Vedanta Resources has acquired 58.5% stakes of Cairn India Ltd. for a total consideration of $8.67bn. The Acquisition completed on 8 December 2011. 38.5% held by Vedanta & 20% held by Sesa Goa.
Future of Vedanta in the face of high debt, low metal price and raw material ...alcircle.com
Vedanta Resources is facing major operational setbacks due to low commodity prices, high debt levels, and issues securing raw materials. Revenue fell 16% in the second quarter of 2015-2016 due to low metal prices and Chinese aluminum imports. Vedanta has cut 3000 jobs and closed aluminum capacity to reduce costs. It is also trying to merge with Cairn India to gain access to cash and repay debt, but minority shareholders have concerns about the valuation. Even with cost cutting, the company's future is uncertain without solutions to high input costs and raw material shortages from the government.
This document summarizes various government policies and projects related to mining and oil & gas companies in India. It discusses Vedanta's proposed acquisition of Cairn India, obstacles to the deal, issues around Vedanta's mining project in Niyamgiri Hills, and the Posco steel plant in Odisha. It also mentions state-owned Indian Oil and Oil India exploring acquiring stakes in Essar's gas blocks in Myanmar. In conclusion, it notes India enforcing environmental rules to balance growth and protect citizen rights, showing the government will not allow industry to disregard laws.
Vedanta will acquire 51-60% of Cairn India for $8.5-9.6 billion, with Vedanta Resources holding 31-41% directly and Sesa Goa holding 20%. Shares will be acquired from Cairn Energy at $355 per share plus a $50 per share non-compete fee. India may extend the August 31 deadline in its dispute with Blackberry over access to data. China said it will develop military ties with India in a spirit of consultation but did not comment on denying a top Indian general's visit. After merging with Indore, SBI plans to merge its remaining five subsidiaries: State Bank of Travancore, State Bank of Patial
The document discusses several government policies and projects related to mining and their environmental and social impacts. It summarizes the rejection of Vedanta's bauxite mining project in Odisha due to violations of forest and environmental laws. It would have displaced two endangered tribal groups and the bauxite reserves would only last four years. It also discusses Posco's proposed $12 billion iron ore mine that was ordered to stop land acquisition due to forest land violations. The Supreme Court had initially approved it but a committee later found violations. Finally, it mentions Vedanta's bid to acquire Cairn India and the potential for India's state fuel companies to counterbid.
Factor considered for Environment Impact assessment (EIA) in legal procedure ...Himanshu Goyal
This PPT is about the factor that one need to consider for getting an EIA in mining project.This report describe all of the above factor for vedanta mining project EIA report with through analysis given in notes section. It also describe the various laws that one need to compile with in Indian Scinerio.And finally analyse the shortcoming of the procedure and the flaws in it.
The What of Vedanta, is the first of a series of basic lessons in the Philosophy of Narayana Guru. These basic lessons in Vedanta specifically reflect perspectives from the Philosophy of Narayana Guru, as expounded in various literary compositions authored by Narayana Guru during his lifetime (1856-1928).
The structure and content of this series of lessons are principally based on the prescribed text ‘The Philosophy of Narayana Guru’ authored by Guru Muni Narayana Prasad, the presiding guru and head of the Narayana Gurukula Foundation.
The document discusses international mergers and acquisitions (M&A), focusing on trends in India. It notes that M&A activity by companies from developing countries, including India, has increased significantly in recent decades. Indian companies have pursued numerous international acquisitions, with major deals by companies like Tata, Mahindra & Mahindra, and Hindalco. The document also examines factors driving M&A activity, challenges, strategies for success, and the need for convergence in competition policies between countries like India and the EU.
AIR INDIA LIMITED AND INDIAN AIRLINE LIMITED MERGERSajjad Sayed
A Case Presentation on Failure of AIR INDIA LIMITED AND INDIAN AIRLINE LIMITED MERGER.
Variety of reasons have been discussed along with recommendations and evidences.
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Vedanta Resources is a global diversified mining company headquartered in London. It has assets and operations located in India, Zambia, Namibia, South Africa, Liberia, Ireland and Australia. The company was founded in 1976 in Mumbai and is the largest mining and non-ferrous metals company in India. It has operations involving copper, zinc, aluminium, iron ore and power generation. In 2011, it acquired Cairn India, entering the oil and gas sector. The company is planning a merger between Sterlite Industries and Sesa Goa to form a new entity called Sesa Sterlite, which will bring all of Vedanta's Indian assets under one holding company.
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Merger ved ltd and cairn_presentation
1. Merger of Vedanta Limited and Cairn India Limited
to Create Shareholder Value
14 June 2015
Conference call and webcast details on the last page
2. 1
Cautionary statement and disclaimer
This presentation has been prepared by Vedanta Resources plc ("Vedanta"), Vedanta Limited ("Vedanta Limited") and Cairn India Limited ("Cairn India") for information purposes only in
relation to a potential merger involving Vedanta Limited and Cairn India (the "Transaction"). By attending the meeting where this presentation is made, or by reading the slides of this
presentation, you agree to be bound by the following conditions.
This presentation and its contents are confidential and should not be distributed, published or reproduced, in whole or part, or disclosed by recipients directly or indirectly to any other
person. This presentation (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer,
invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any
jurisdiction. No shares are being offered to the public by means of this presentation. The release, presentation, publication or distribution of this presentation in jurisdictions other than
the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about
and observe any applicable requirements. Any failure to comply with these restrictions may constitute a violation of applicable laws. Accordingly, any persons in possession of this
presentation should inform themselves about and observe any such restrictions.
The Transaction relates to securities of an Indian company and is proposed to be effected by means of a Scheme of Arrangement under Indian law. A transaction effected by means of
a Scheme of Arrangement is not subject to the proxy solicitation or tender offer rules under the Securities Exchange Act of 1934, as amended. The Transaction is subject to the
disclosure requirements, rules and practices applicable in India to Schemes of Arrangement, which differ from the requirements of the U.S. proxy solicitation and tender offer rules. The
Vedanta Limited securities to be issued in the Transaction have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not
be offered or sold in the United States absent registration or an available exemption from the registration requirements of the Securities Act. Accordingly, the Vedanta Limited securities
to be issued in the Transaction are expected to be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 3(a)(10) of the
Securities Act or another available exemption under the Securities Act.
No statement in this presentation (including any statement of estimated synergies) is intended as a profit forecast or estimate for any period and no statement in this presentation
should be interpreted to mean that cash flow from operations, free cash flow, earnings, earnings per share or income on a clean current cost of supplies basis for any of Vedanta,
Vedanta Limited or Cairn India, as appropriate, for the current or future financial years would necessarily match or exceed the historical published cash flow from operations, free cash
flow, earnings, earnings per share or income on a clean current cost of supplies basis for any of Vedanta, Vedanta Limited or Cairn India, as appropriate.
This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Vedanta, Vedanta Limited and Cairn India and of the
Transaction. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future
expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the
potential exposure of any of Vedanta, Vedanta Limited or Cairn India to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections
and assumptions including as to future potential cost savings, synergies, earnings, cash flow, return on average capital employed, production and prospects. Additional factors that
could cause Vedanta Limited and its subsidiaries' results to differ materially from those described in the forward-looking statements can be found in the Vedanta Limited's 2014 Annual
Reports on Form 20-F, filed with the U.S. Securities and Exchange Commission. These forward-looking statements are identified by their use of terms and phrases such as "anticipate",
"believe", "could", "estimate", "expect", "intend", "may", "plan", "objectives", "outlook", "probably", "project", "will", "seek", "target", "risks", "goals", "should" and similar terms and
phrases. There are a number of factors that could affect the future operations of any of Vedanta, Vedanta Limited or Cairn India and could cause those results to differ materially from
those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand
for any of Vedanta's, Vedanta Limited's or Cairn India's products; (c) currency fluctuations; (d) reserves estimates; (e) loss of market share and industry competition; (f) environmental
and physical risks; (g) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (h)
the risk of doing business in developing countries and countries subject to international sanctions; (i) legislative, fiscal and regulatory developments including potential litigation and
regulatory measures as a result of climate changes; (j) economic and financial market conditions in various countries and regions; (k) political risks, including the risks of expropriation
and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (l)
changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to
in this section. Readers should not place undue reliance on forward-looking statements.
Vedanta Limited - Cairn India Limited merger: 14 June 2015
3. 2
Cautionary statement and disclaimer (cont’d)
The information contained in these materials has not been independently verified. None of Vedanta, Vedanta Limited or Cairn India, or any of its or their shareholders, subsidiaries,
affiliates, associates, or their respective directors, officers, partners, employees, representatives or advisers, or any other person accepts any responsibility or liability whatsoever,
whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever
arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied,
for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of
them, and nothing in this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained
in this presentation are current, and if not stated otherwise, as of the date of this presentation. None of Vedanta, Vedanta Limited and Cairn India undertake any obligation to update or
revise any information or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this
presentation are subject to change without notice.
J.P. Morgan Limited (which conducts its UK investment banking activities as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove") and is authorised and regulated in the United Kingdom by
the Financial Conduct Authority, is acting as corporate broker and financial advisor for Vedanta and no one else in connection with the Transaction and will not be responsible to anyone
other than Vedanta for providing the protections afforded to its clients nor for providing advice in connection with the Transaction or any matter referred to herein. Neither J.P. Morgan
Cazenove nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to
any person who is not a client of J.P. Morgan Cazenove in connection with the Transaction, any statement contained herein or otherwise.
Morgan Stanley & Co. International plc ("Morgan Stanley") is acting as corporate broker and financial advisor to Vedanta and is advising no one else in connection with the Transaction
and this presentation. In connection with such matters, Morgan Stanley, its affiliates and its and their respective directors, officers, employees and agents, will not regard any other
person as their client, nor will they owe or accept any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to
any person other than Vedanta for providing the protections afforded to their clients or for providing advice in connection with this presentation, any matters referred to herein or
otherwise.
Lazard & Co., Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, and Lazard India Private limited, a Category I Merchant Banker
registered with the Securities and Exchange Board of India (together with Lazard & Co., Limited, "Lazard"), are acting as financial advisor to Vedanta Limited and are advising no one
else in connection with the Transaction referred to in this presentation and will not be responsible to any person other than Vedanta Limited for providing the protections afforded to the
clients of Lazard, nor for providing advice in relation to the Transaction, the contents of this presentation or any other matters referred to herein. Neither Lazard nor any of its affiliates
owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of
Lazard in connection with this presentation, any statement contained herein or otherwise.
DSP Merrill Lynch Limited (“BofA Merrill Lynch") is acting as a financial advisor to Cairn India Limited and is advising no one else in connection with the Transaction and this
announcement. In connection with such matters, BofA Merrill Lynch, its affiliates and its and their respective directors, officers, employees and agents, will not regard any other person
as their client, nor will they owe or accept any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any
person other than Cairn India Limited for providing the protections afforded to their clients or for providing advice in connection with this announcement, the Transaction, any matters
referred to herein or otherwise.
Vedanta Limited - Cairn India Limited merger: 14 June 2015
5. Transaction highlights
4Vedanta Limited - Cairn India Limited merger: 14 June 2015
Board approved merger of Vedanta Limited and Cairn India Limited
Cairn India Limited minority shareholders will receive for each equity share held:
o One equity share in Vedanta Limited
o One 7.5% Redeemable Preference Share in Vedanta Limited with a face value of Rs. 10
Implied premium of 7.3% to previous closing price
Pro-forma ownership in Vedanta Limited:
o Vedanta Limited shareholders 79.8%; Cairn India Limited shareholders 20.2%
o Vedanta plc pro-forma ownership of 50.1% in Vedanta Limited
Effected by way of a Scheme of Arrangement
Conditional on shareholder approval at each of Vedanta plc, Vedanta Limited and Cairn India
Limited, as well as regulatory approvals
Transaction governance in line with India and UK regulations and best practices
Expected to close first quarter CY 2016
6. Strategic Rationale
5Vedanta Limited - Cairn India Limited merger: 14 June 2015
Diversified portfolio de-risks earnings volatility and drives stable cash flows through cycle
Improved ability to allocate capital to highest return projects
Greater financial flexibility to sustain strong dividend distribution
Cost savings and potential re-rating to benefit all shareholders
Stronger balance sheet lowers overall cost of capital
Consistent with stated corporate strategy to simplify the Group structure
Long term sustainable value enhancement for all shareholders
7. Benefits to Cairn India shareholders
6Vedanta Limited - Cairn India Limited merger: 14 June 2015
Attractive terms for Cairn India shareholders
Earnings de-risked through diversification
Stable cash flows supporting investment and
dividends through the cycle
Exposure to well invested Tier-1 metals and
mining assets
o Structurally low cost, longer life assets
o Latent capacity ramping up, unlocking value
o Best in class zinc platform
Increased size
o Economies of scale
o Improved free float and enhanced trading
liquidity
Increased share in the previously announced cost
saving initiatives of $1.3bn at Vedanta Limited
Retains brand and proven management team
The diversified commodity model has generated
superior shareholder returns
Vedanta’s assets are among the lowest cost
globally, providing resilience to market volatility
Stronger platform and stable cash flows driving superior returns
103%
55%
0%
20%
40%
60%
80%
100%
120%
Diversified
Resource peers
Oil & Gas E&P peers
2005 – 2015 Total Shareholder Return (INR)
Source: Datastream as at 05 June 2015, shown on an INR basis
Diversified Resource peers include Anglo American, BHP Billiton, Freeport McMoran, Glencore, Rio Tinto, Teck Resources,
Vedanta Resources plc
Oil & Gas E&P peers include mid-cap exploration and production companies with focus on production from emerging
markets; includes DNO ASA, Genel Energy, Gulf Keystone Petroleum, Kosmos Energy, Maurel et Prom, Nostrum, Soco
International and Tullow Oil
I II III IV
Zinc
Intl.
Alumi
-nium
Oil
& Gas
Zinc
India
Position on the global cost curve
8. Vedanta and Cairn India remain fully committed to the growth
strategy in Oil & Gas
7
• MBA, Ravva, Cambay - Low cost, high margin, resilient to price volatility
• Rajasthan – Core to the enlarged Group
World class Assets
• FY16 Focus: Good progress on Gas, Mangala & Aishwariya Barmer Hill
(Phase 1) & Bhagyam EOR
• FY17+ Focus unchanged: Suite of future projects- Aishwariya EOR, Satellite
fields, Barmer Hill beyond Phase 1
• Increased financial strength to invest in developing full potential of
Rajasthan fields and pursuing other oil and gas opportunities
Growth
• Geology, technology, people, strong partnerships and financial discipline
• Continued leadership in India’s oil production growth
Cairn Brand
retained
Vedanta Limited - Cairn India Limited merger: 14 June 2015
9. Diversified portfolio delivering stable margins through the cycle
8Vedanta Limited - Cairn India Limited merger: 14 June 2015
Diversified earnings (EBITDA contribution by commodity)
Source: Company presentations and filings, FactSet, Bloomberg
1 Investment stage includes: Iron Ore, Coal; Consumption stage includes: Copper, Nickel, Aluminium and Zinc; Late stage includes: Platinum, Diamonds, O&G and Power
Peers include Anglo American, BHP Billiton, Glencore, Rio Tinto (split as per EBITDA contribution), Freeport McMoran and Teck Resources (split on revenue contribution) as at latest reported financial year end
2 Excludes custom smelting. For Vedanta Limited: reported numbers considered for FY13 to current; Vedanta plc ex KCM used as proxy for FY12 and before
3 March '09 was a 15 months period from 1st Jan 08 as a result of change in reporting year from Calendar Year to Financial Year
Exposure to an attractive commodity mix
0% 20% 40% 60% 80% 100%
Peer 6
Peer 5
Peer 4
Peer 3
Peer 2
Peer 1
Vedanta Ltd
Investment stage¹ Consumption stage¹ Late stage¹
Balanced exposure to a basket of commodities
50
75
100
125
150
2009 2010 2011 2011 2012 2013 2014 2015
Commodityprices(2009=100)
Aluminium Zinc Copper Brent crude Iron Ore
Oil & Gas
28%
Zinc India
39%
Zinc Int'l
5%
Copper
India
11%
Aluminium
14%
Power
3%
H2 FY 2015
Stable EBITDA margin
20%
30%
40%
50%
60%
70%
80%
90%
FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 H1 FY 15 H2 FY 15
% EBITDA margin
Cairn India Limited Vedanta Limited²
47%
35%
3
10. Well invested assets providing strong near-term growth
9Vedanta Limited - Cairn India Limited merger: 14 June 2015
Vedanta: set to deliver near term growth as latent
capacity ramps up
0
500
1,000
1,500
2,000
2,500 Zinc-Lead Silver Copper
Aluminium Power Iron Ore
Oil & Gas
CopperEquivalentProduction(kt)
Total Production (copper equivalent kt)3
Near
term
9%1
18%
46%
2%
17%
2%
6%
1 Based on currently announced $500mn of capex at Cairn India
2 PF refers to pro-forma for Cairn India acquisition
3 All commodity and power capacities rebased to copper equivalent capacity (defined as production x commodity price / copper price) using average commodity prices for FY2015. Power rebased using
FY2015 realisations, copper custom smelting capacities rebased at TC/RC for FY2015, iron ore volumes refers to sales with prices rebased at average 56/58% FOB prices for FY2015
5.2
3.5
0.6
0.0
1.1
1.3
0.4
0.9
0.8
1.9
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Aluminium Power Zinc India Zinc Int'l Oil & Gas
Capex($bn)
Capex invested to Mar-15 ($bn) Unspent capex ($bn)
80% 90% 37% 1% 36%
Smelter and
refinery
expansion
Gamsberg
HZL mines
expansion
to 1.2mtpa
0.5
Retaining
optionality to
unlock growth –
subject to project
economics
Contribution
to copper
equivalent
production
growth (%)
% capex
invested
1.4
12. Key transaction terms
11Vedanta Limited - Cairn India Limited merger: 14 June 2015
Cairn India Limited public shareholders will receive for each equity share held:
o One equity share in Vedanta Limited
o One Redeemable Preference Share (RPS) in Vedanta Limited with a face value of Rs. 10
o Dividend: 7.5% p.a.
o Tenure: 18 months
o Listing: NSE
o Redeemable at par
Vedanta Limited will arrange for a third party facility enabling a cash exit for RPS holders at par
o Facility will be arranged within 30 days post issuance
Tax neutral transaction for Vedanta Limited, Cairn India Limited and their shareholders under
Indian Law
No shares will be issued to Vedanta Limited or its subsidiaries for their shareholding in Cairn
India
Attractive transaction terms for Cairn India shareholders
13. Simplified group structure
12Vedanta Limited - Cairn India Limited merger: 14 June 2015
Vedanta Limited and Vedanta plc to retain existing
listings on respective exchanges
o Vedanta plc: Premium LSE
o Vedanta Limited: BSE, NSE, NYSE (ADRs)
Pro-forma Vedanta plc ownership in Vedanta
Limited of 50.1%
Majority of operating subsidiaries wholly owned
with exception of:
o HZL – 64.9%
o BALCO – 51.0%
Strategy of further simplification of the group
structure
Vedanta plc
(Listed on LSE)
Vedanta Limited
(Listed on NSE and
BSE)
Konkola
Copper Mines1
Zinc-Lead-
Silver
Oil & Gas Iron OreAluminium Power
Copper
India
1 Vedanta plc holds 79.4% of Konkola Copper Mines
14. Transaction governance
13Vedanta Limited - Cairn India Limited merger: 14 June 2015
Unanimously approved by the non-conflicted, independent Board members of Vedanta
Limited, Cairn India and Vedanta plc
o Independent sub-committee of non-conflicted Directors at both Cairn India Limited and
Vedanta Limited to oversee the transaction
Exchange ratio determined by a joint independent valuation done by Price Waterhouse &
Co LLP and Walker Chandiok & Co LLP
Advice received from and fairness opinions provided by independent banks
o Vedanta Limited Board from Lazard
o Cairn India Limited Board from DSP Merrill Lynch Limited and JM Financial Institutional
Securities Limited
J.P. Morgan Cazenove and Morgan Stanley acting as Joint Financial Advisers to Vedanta plc
Transaction governance in line with India and UK regulations and best
practices
15. Transaction approvals
14Vedanta Limited - Cairn India Limited merger: 14 June 2015
India
Stock exchange (NSE and BSE) and SEBI approval
High Court and other regulatory approvals in India for Scheme of Arrangement
Vedanta Limited and Cairn India Limited Shareholder approvals
o Listing requirements: majority of minority (Vedanta plc and Vedanta Limited
cannot vote)
o Court scheme: 75% of present and voting (Vedanta plc and Vedanta Limited
can vote)
MoPNG approval
Foreign Investment Promotion Board approval
UK
Class 1 transaction under the UK Listing Rules
Vedanta plc shareholder approval: simple majority
Completion expected Q1 CY 2016
17. Summary
16Vedanta Limited - Cairn India Limited merger: 14 June 2015
Cairn India shareholders Vedanta Ltd & Vedanta plc shareholders
Attractive transaction terms
Exposure to Vedanta Limited’s world class
metals and mining assets – low cost, long
life and well invested delivering strong
growth
De-risked earnings and stable cash flows
through the cycle
Improved optionality to allocate capital and
increased participation in cost savings
Increased free float and trading liquidity
Further simplification of Group structure in
line with stated Group strategy
Reinforces Vedanta Limited’s position as
India’s leading, global diversified natural
resources champion
Enhanced alignment of operational and
financing cash flows
Financial flexibility
Potential re-rating
Long term sustainable value enhancement for ALL shareholders
18. Unique investment proposition for India’s economic growth
17Vedanta Limited - Cairn India Limited merger: 14 June 2015
The only diversified Indian natural resources company of scale
Uniquely positioned to develop India’s world-class endowment of natural resources
Critical to the supply of raw materials to sustain India’s economic growth
Commitment to maintaining social license to operate
World class portfolio of Tier-1, long life, low cost assets – well invested for growth
Stable cash flows through the cycle supporting long term shareholder returns
Potential re-rating – improved returns, increased free float and greater liquidity
Commitment to invest for growth and support strong dividends
20. Transaction timetable
19Vedanta Limited - Cairn India Limited merger: 14 June 2015
Key Events Expected date
BSE, NSE and SEBI approvals sought Q2 2015
BSE, NSE and SEBI approvals Q3 2015
Vedanta plc posting of UK Circular Q3 2015
Application to High Court in India Q3 2015
Vedanta plc EGM Q3 2015
Vedanta Limited and Cairn India shareholder meetings Q4 2015
Foreign Investment Promotion Board approval Q4 2015
High Court of India approval Q1 2016
MoPNG approval Q1 2016
Transaction completion Q1 2016
21. CAPITAL MARKETS DAY, MARCH 2015
20
61%
10%
9%
9%
5%
1%
5%
Revenues by Geography
FY2015
India
China
Far East Asia
Middle East
Europe
Africa
Others
Vedanta Limited Overview
1. Debari smelter
2. Chanderiya smelters
3. Rampura Agucha mine
4. Rajpura Dariba mine & smelters
and Sindesar Khurd mine
5. Zawar mine
6. Talwandi Sabo power project
7. Silvassa refinery
8. Iron ore operations – Goa
9. Iron ore operations – Karnataka
10. Tuticorin smelter
11. MALCO power plant
12. Lanjigarh alumina refinery
13. Jharsuguda smelters & power plants
14. Korba smelters & power plants
15. Rajasthan block
16. Ravva (PKGM-1) block
17. KG-ONN-2003/1 block
18. KG-OSN-2009/3 block
19. PR-OSN-2004/1 block
20. Cambay (CB/052) block
21. MB-DWN-2009/1 block
22. SL 2007-01-001 block
Zinc-Lead-Sliver
Oil & Gas
Iron Ore
Copper
Aluminium
Power
Projects under development/commissoning
Captive thermal power plant
10 10
11
19
18
17
16
16
13
1313
12
14
14
6
15
15
5
1
4
3
2
20
20
8
9
7
24. Mt Lyell mine, Australia
23. Lisheen mine, Ireland
23
25. Iron Ore project, Liberia
26. Skorpion mine, Namibia
27. Black Mountain mine, South Africa
28. South Africa Block 1
25
26
2728
24
22
21
Vedanta Limited - Cairn India Limited merger: 14 June 2015
22. Tier-1 Asset Portfolio
Positioning R&R Life1
FY2015
Production Capacity2
Oil & Gas (Cairn India)
Top 20 global independent E&P; Platts 2013: Fastest growing
energy company globally
15 212kboepd 225
3
+ kboepd
Zinc India (HZL)
2
nd
largest integrated zinc producer globally
25+ 887kt 1.2mtpa
Silver (HZL)
One of the largest silver producers globally
25+ 10.5moz 16mozpa
Zinc International
One of the largest undeveloped zinc deposits
20+ 312kt 400ktpa
Iron Ore
4
Operations in Goa and Karnataka; Large deposit in Liberia
20+ 0.6mt
5
16.8mtpa
Aluminium
Strategically located large-scale assets with integrated power
877kt 2.3mtpa
Large, long-life, low-cost, scalable assets
21Vedanta Limited - Cairn India Limited merger: 14 June 2015
1 Based on FY2015 production and R&R as at 31 March 2015, Iron Ore is based on existing capacity, Zinc International includes Gamsberg deposit in R&R
2 Includes announced expansions, Iron Ore shown at existing capacity of 14.5Mt at Goa and 2.3 Mt provisional capacity in Karnataka
3 Existing capacity of currently producing assets
4 Numbers excluding Liberia
5 Iron Ore operations affected by mining restrictions in Goa and Karnataka
23. Pro forma 2015 financials
22Vedanta Limited - Cairn India Limited merger: 14 June 2015
Vedanta Limited consolidated
(Rs. crore)
Vedanta Limited consolidated
pro-forma (Rs. crore)
EBITDA 22,226 22,226
Operating profit 15,074 15,817
Profit after tax 10,183 10,927
Minority interest 5,127 2,489
Attributable to equity holders 5,060 8,442
EPS Rs. 17.1 Rs. 22.7
Gross Debt 77,752 77,752
Cash 46,212 46,212
Net Debt 31,540 31,540
Interest expense 5,659 5,659
Outstanding shares (mm) 2,965 3,717
Note: Numbers above as per IGAAP excluding special items of Rs. 22,129 crores reported in FY2015, of which Rs. 19,180 crore is impairment of Cairn goodwill.
Post merger, the amortisation on goodwill gets reduced by approximately Rs. 740 crores
Credit Metrics (x)
Net Debt / EBITDA 1.4x 1.4x
EBITDA / Net Interest 6.8x 6.8x
24. Conference call details
23Vedanta Limited - Cairn India Limited merger: 14 June 2015
There will be two conference calls :
• Sunday, 14 June 2015: 5:30 PM IST (1PM UK time, 8AM NY time) – also available by webcast
• Monday, 15 June 2015: 5:30 PM IST (1PM UK time, 8AM NY time)
The dial-in numbers for both the calls are the same and are given below:
Event Telephone Number
Conference calls on
14th and 15th June 2015
India – 5:30 PM (IST)
Mumbai main access
+91 22 3938 1088
Mumbai standby access
+91 22 6746 8388
Singapore – 8:00 PM (Singapore Time)
Toll free number
800 101 2045
Hong Kong – 8:00 PM (Hong Kong Time)
Toll free number
800 964 448
UK – 1:00 PM (UK Time)
Toll free number
0 808 101 1573
US – 8:00 AM (Eastern Time)
Toll free number
1 866 746 2133
For online registration (14 June 2015)
http://services.choruscall.in/diamondpass/registration?confirmationNumber=87449
43
For online registration (15 June 2015)
http://services.choruscall.in/diamondpass/registration?confirmationNumber=54596
24
Replay of Conference Calls
(till 21 June 2015)
Mumbai
+91 22 3065 2322
+91 22 6181 3322
Passcode: 82752# (14 June )
Passcode: 54171# (15 June )
Link for webcast on 14 June 2015: http://services.choruscall.eu/links/vedanta150614.html
The release and presentation would be available on our websites www.vedantalimited.com, www.cairnindia.com and
www.vedantaresources.com